2024 Spanish Real Estate Market Highlights: Key Trends and Growth Insights

Spanish Real Estate Market in 2024: Key Trends and Insights

The Spanish property market has had a strong year in 2024, showing notable growth compared to 2023. Nationwide, the market grew by 9.55%, with the Comunidad Valenciana seeing a 7.29% rise, and Murcia outpacing both with an impressive 10.75% increase. These numbers reflect a healthy demand for both new developments and resale properties across the country.

New Developments Drive Growth

Towns like Los Montesinos (+20.59%), San Miguel de Salinas (+20.37%), and Los Alcázares (+20.54%) have been standouts in 2024. This significant growth is largely fueled by a surge of new residential projects, which continue to attract buyers looking for modern, high-quality homes in desirable locations.

However, this rapid expansion also highlights the importance of sustainable development. Local authorities are tasked with ensuring that infrastructure, such as schools, healthcare facilities, and commercial spaces, keeps up with the growing population. Thoughtful urban planning will be essential for maintaining the appeal of these booming areas.

Orihuela Costa: A Resale Market Favorite

Orihuela Costa remains a prime location for buyers, with its strong resale market reflecting the area’s lasting appeal. The coastal region is popular for its established amenities, stunning beaches, and vibrant lifestyle.

Nearby towns like Guardamar del Segura (+6.97%) and Pilar de la Horadada (+14.59%) have also seen solid growth. In contrast, towns such as Benijófar (-10.26%) and Algorfa (-7.69%) experienced declines, possibly linked to stricter rental license regulations. These policies may have discouraged investors focusing on short-term rentals, underlining the importance of understanding local laws before making investment decisions.

Murcia: Leading the Way in Growth

The Murcia region has emerged as one of Spain’s top-performing areas in 2024, with a 10.75% overall increase in property sales. Towns like San Pedro del Pinatar (+23.84%), Los Alcázares (+20.54%), and San Javier (+8.48%) have become increasingly popular for their affordability, proximity to the coast, and improving local amenities.

While resale properties continue to account for the majority of transactions, the influence of new build developments is growing. Carefully planned projects not only attract buyers but also boost the local economy and improve infrastructure, enhancing the appeal of the region for both residents and investors.

What Lies Ahead in 2025?

As 2024 closes, the Spanish property market is poised for continued growth into 2025. Regions with a balanced mix of well-planned new developments and thriving resale markets are likely to maintain their momentum. Buyers and investors who prioritize areas with strong infrastructure, sustainable planning, and attractive amenities will be best positioned to capitalize on these positive trends.

With national growth at nearly 10% and some towns seeing even higher increases, now is a great time to explore opportunities in Spain’s dynamic real estate market.